Zebpay, a bitcoin wallet with offices in India and Singapore, has added some innovative features to its app. Users can set their own bid/ask price when trading bitcoin, they can keep a rupee balance to instantly buy bitcoin, and they can check transaction status, according to the company website.
Instead of having to do a bank transfer for every buy and sell, the user can maintain a rupee balance in the app. Users can also see the transaction ID when they send bitcoin to a bitcoin address.
When a user sells bitcoins, their Zebpay rupee (Rs) account will be credited. The user can either withdraw this amount to their bank account or use it to buy bitcoins. For regular users, rather than having to do a bank transfer for every buy and sell, they can now simply maintain a Rs balance in their Zebpay Rs account.
Users can also set a buy (bid) or sell (ask) price for buying and selling bitcoins. Zebpay can execute the order on finding a matching offer. The user can set prices while Zebpay finds the best price.
Users can see the bitcoin network transaction identification when they send bitcoins to a bitcoin address. There is no need to call customer support to find out the status of transaction. Users can simply click on the transaction identification and check the status.
There are no charges for sending or receiving bitcoins to or from other Zebpay users, according to the website.
Users are charged a minor transaction charge, which can vary from 100 to 300 bits (1 bitcoin = 1 million bits) to send bitcoins to a bitcoin address. The fee goes to the bitcoin network.
There is no hidden fee for buying vouchers and airtime. Users pay the bitcoins as per the current exchange rate.
Also read: India: moving a billion people into digital finance
In six months, Zebpay has become the largest bitcoin company in India. Crossing 25,000 downloads, the company handled Rs 20 crores ($3 million) turnover and 30,000 transactions in February 2016. Users topped up airtime and bought vouchers with bitcoins worth Rs 10 lacs ($15,000) in February using the app.
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